You have the ability to figure it out, but the real question is how it fits into your life, and what you might miss if you’re navigating it on your own. So if you’ve ever found yourself thinking, “I probably should be able to do this… but I’m not totally sure I want to,” you’re not alone.
So how do you decide which path is right for you?
We find that most people tend to fall into three general categories based on how hands-on they want to be with their finances.
Where you fall can also change depending on your stage of career. For example, during training, you may lean toward handling things yourself since your financial life feels simpler and the cost of outsourcing may not feel justified. As your career progresses and you have less time and your finances become more complex, many physicians find themselves shifting toward a more collaborative or outsourced approach.
It’s important to remember these categories aren’t about whether you’re capable of managing your finances. They’re more about how you prefer to spend your time, how involved you want to be, and what gives you peace of mind.
Three approaches to managing your finances
1. The Do-It-Yourselfer
You enjoy managing your finances, or at least feel comfortable doing it. You like having control, you’re willing to research, and you may already have systems in place like spreadsheets, budgeting tools, or investment accounts you manage yourself.
You may fall into this category if you find yourself thinking:
You’re comfortable handling some aspects of your finances, but you value having a second opinion, especially when it comes to bigger decisions. You want to understand what’s going on, but you don’t necessarily want to carry the full burden alone.
You may fall into this category if you find yourself thinking: